SoFi launches SOFIE tokenized deposit that converts to its SoFiUSD stablecoin
In brief
- SOFIE, SoFi's new tokenized bank deposit, earns interest on digital dollars.
- SOFIE funds convert to SoFiUSD for crypto trading or transfers to supported external wallets.
- FDIC coverage applies to SOFIE, subject to applicable limits, according to SoFi.
- Crypto Briefing calls SOFIE SoFi's fifth new crypto offering in less than a year.
How SOFIE works
The product pairs interest-bearing deposits with the transfer features of digital assets, so funds keep earning while they wait to be used, according to Crypto Briefing. SoFi said SOFIE is structured as a separate bank deposit that earns interest and carries FDIC coverage (subject to applicable limits).
SoFi's own example is simple. A consumer could hold $5,000 in a SOFIE deposit account while saving for a crypto purchase and earn the applicable APY. Later, they'd convert those funds to SoFiUSD for trading or for transfers to supported external wallets.
The "first and only" label is SoFi's description, not an independent finding.
The idle stablecoin angle
Many stablecoins don't pay interest and aren't FDIC-insured, Crypto Briefing noted. The outlet cited Federal Reserve research estimating that about $64 billion (roughly 21% of the stablecoin market) sits in rarely used, forgotten or inactive wallets.
SOFIE sits on the other side of that line. It's a deposit first, and SoFi says it earns interest and carries FDIC coverage until the holder converts it.
Fifth crypto product in under a year
The launch is SoFi's fifth new crypto offering in less than a year, per Crypto Briefing.
SoFi launched consumer crypto trading in November 2025, which let members buy, sell and hold more than 40 cryptocurrencies in its app. The next month it introduced SoFiUSD, which the company described as the first stablecoin issued by a US national bank, for round-the-clock dollar transfers and settlement.
SoFiUSD is already in use. It's settling SoFi's entire card program through Mastercard's global payments network, Crypto Briefing reported, and SOFIE now adds an interest-bearing step before customers move into that stablecoin.
Frequently asked questions
How does SoFi's SOFIE tokenized deposit work?
SOFIE is a tokenized bank deposit that earns interest on digital dollars. In SoFi's example, a consumer holds $5,000 in a SOFIE account while saving for a crypto purchase and earns the applicable APY. Later they convert the funds to SoFiUSD for trading or for transfers to supported external wallets.
How is SOFIE different from holding a stablecoin?
Crypto Briefing noted that many stablecoins don't pay interest and aren't FDIC-insured. SoFi said SOFIE is structured as a separate bank deposit that earns interest and carries FDIC coverage, subject to applicable limits, until it's converted to SoFiUSD.
